>> i am caroline hyde at

bloomberg world headquarters in new york. quick three days into the new york union, this is very technology. >> we are grounded. the faa halted flight departures nationwide. what technology exactly failed us. we have the details. ? apple supply changes. first chips, now screens, some plans for a touchscreen macbook. mark gurman on all of this week's gives. >> where are the best companies to work other than with us right here? last document with the annual list. first, let us check in on the markets. they are actually adding to the moon music once more. this will show inflation cooling

most likely but how much? are we going to see what exactly the market wants to see? a softer print and inflation? we are galvanizing ourselves for that. u.s. trading dominates to a certain extent. we saw a rally and risk assets worldwide. i will you show a little bit of a mean frenzy going on right now. bed, bath & beyond doing its thing. 3.5%, it feels as the risk appetite is out there. >> amazon having its biggest jump in two months. up almost 6%. the best run of gains since mid october. you talked about tesla continuing to see gains. it is that cpi apprehension we are seeing play out in the market. apple is so many stories from

mark gurman this week, the headlines making my brain spin. we have moved from apple pivoting on his suppliers to looking at new solutions for the actual screens. interesting, one of the negative impacts of that scope is we saw lg electronics which gets 35% of revenue from apple in the asian session because it seems according to arris group that apple wants to move away from screen solutions. i thought that was particularly interesting. the story of the day was flights grounded throughout the nation. in free market, we were low on most of the airlines. look at that screen right now. just a single name down in southwest. there is so much to discuss here. what on earth went wrong?

>> it is a technology story. the federal aviation administration halting thousands of flights nationwide. it was a pilot notification system that failed. now we have lawmakers worrying about investigating this. they want to see how this will influence the major upcoming ones. let's bring in george ferguson. tell us exactly what failed, what went wrong from a tech perspective. >> noticed the airmen system that disseminates information to flight crew. it is all about safety and that system seems to have broken down

earlier today. that was the breakdown. they disseminated back to the pilot. that is probably what broke down. >> i look up at the sky. is it just that we rely on an archaic system to manage all of this? we are talking about the technology as somebody who researches, looks at the fundamentals of this industry. are you really concerned? was this just an unfortunate glitch? >> it is an unfortunate glitch.

we will continue to see problems -- problems like this. we always detect problems in his business. the tech is always catching up with the business. we have been flying airplanes for over 100 years now. you build steps -- you both systems. they need to migrate over time. migration is a challenge. i heard there was some work being done. maybe that was part of the challenge here. it is a constant migration. it takes time and the governments doing it. they don't always have the most money to do it. >> we thank you. do you actually do that? >> i am a business traveler. i am somebody that i am

fascinated by the underlying technology. every single day, you look up and went something like this happens, as a consumer, you just asked george house -- how something like that happens. probably a glitch. move to the cloud. whatever. >> it brings me so much joy. let's geek out a little bit more. we have to talk apple. it is planning to start using its own custom displays and mobile devices as early as 2024. you can touch them, even on a mac computer. let's bring in the skip generator that is mark gurman. you are out with another one. let's start with the mac news. i thought tim cook was going to follow in his predecessor possible viewpoint on this and not want to have touch on computers. >> this is very significant. they won't fly so ed won't be

able to marvel at them in the air. they will get touchscreens. apple has a project, they have multiple teams working on efforts to bring touch displays to the mac for the first time. this is the first time when they are actually serious about this. they have been explored in the past but work has ramped up on these new machines. this is a big u-turn from what apple has done in the past. they talked about how the ipad is the best experience for touch. they talked about how the mac operant system does not work well with touch. they talked about the ergonomic concerns with that. the reality is consumers want to touch. the mac can run iphones and ipads now. kids these days have grown up on touchscreens, iphones, ipads, apple watches, amazon and kindle tablets, you name it. the next generation of people who will get laptops and desktops get computers, they get max, they are used to to touch. apple has to think about that new generation and that learning curve and what this new generation of potential buyers

is used to. touch displays are important to the future of the mac and that is what apple is going to go down this road in a few years. >> when you see commuters on trains or those flying, but i get it so many people have the ipad with the attachable anyway. unlike those competing products, let's give it to your other big scoop which is starting with high-end apple watch and later, the iphone handsets, apple wants to in-house technology for the displays. the lg and samsung ones are the big suppliers when it comes to those displays. what have you learned in the course of your reporting? like the iphone and the apple watch use us -- a display supplied by samsung. they are working with a company called boe in china that sources displays from that. that underlying technology is made by those manufacturing companies that make those displays. applicants we can customize them to some extent but they are not

really in charge of the development. >> i will just jump in. you are in the store and every reported but you disappeared for a moment. even for a stealthy guy like you, that is extraordinary. course the underlying technology has not been developed by apple. now they are development -- developing that underlying technology and the manufacturing process. no longer will apple be competing with samsung but also sourcing parts from samsung for one of the most important components inside their products. >> thank you very much, mark. sorry for the glitch there. these things happen. chrysler glitch is all over the place. let's talk about some progress being made when it comes to executive searches. walt disney electing a new independent director as the chairman of the board. parker has already been on the board for seven years now. he was still executive chairman of nike. some big roles he has under his

belt. he succeeded susan arnold. there is a 15 year term limit on disney's board tenure policy. shares liking this. he had a storied career over at nike and now serves as chair. his main priority he says is to be getting a new ceo. who will that be? >> there is a deeper story here which is that they found an $800 million state. the board rejected that idea. the reason why is because they did not want bob iger to return as ceo. that was a shock in itself when those headlines broke. there are things happening behind-the-scenes at disney but at least they have some certainty now about the new board chair. >> have we any certainty on the future? >> let's get back to ai. it is the latest warning about the potential misuse.

it comes from open ai itself. we will discuss the findings of a new research report with the cll of ai search and geneva. that is next. is bloomberg. ♪

>> that could allow cars to generate the same power using 30% less fuel. while f1 may have a reputation as a gas guzzler, some of its innovations in the name of speed

are helping in the everyday fight against climate change. >> enjoy another music at boston symphony hall. watch brand-new boston symphony orchestra performances, behind-the-scenes of and memorable archival causes. use our free 24 hour truck and see what the boston globe because it musically rewarding and the berkshire edge says the orchestra has never played better. chad gpd, we are talking about that again. there is a lot of fanfare around the ai powered chat but that has gone viral in recent weeks but there are some negative connotations here, potentially causing propaganda and hacking

risks. this is according to a report published by researchers on wednesday. two of those authors studies worked in open ai and one of them has since left the not-for-profit but the blog accompanied the report stated our bottom line judgment is that language models will be useful for propagandists and will likely transform online influence operations. joining us now to discuss the risks as well as the positives, the use cases, the future of the technology is the cofounder, ceo of the ad free private search engine here. we are going to go into what it does and how you use natural language in a moment but talk to us about what you made of this discussion about the fear of propaganda, about misinformation being used within ai. on the flipside, there are a lot of positives that you can actually uncover who is behind certain cyberattacks.

>> large language models are some of the most exciting elements in the past few years. these are element -- models that have been trained on every thing that has been written down on an event page. the result of that is they have enormous fluency. it doesn't know right from wrong. the word they use for that is hallucinate. it is incredibly prolific. i think these large was models, they can say very interesting things. they can say things in the voice of somebody. it is not surprising, obviously that they can be used for propaganda or misinformation. that is a problem we face online anyway. we will look and ask if this is from bloomberg. is this reputable? those risks will go up but there is a lot of positive potential that comes from these models. >> what is interesting as we

went to our own audience earlier in the day using twitter, apollo. we asked them about reports about the ability to incite propaganda, but you are from using chad gpd. interestingly, most say they will continue to use it despite these reports. that 20% said no way i will not be using it. from your perspective, is this where you step in? one of the fixes that neva has for jet -- chad gpd is by allowing us to know what the sourcing of the information is that we are reading. >> that was one of our big goes. we wanted to integrate the fluency of these large language models into search. you have to go quick on the link and figure out what is there. we wanted the fluid answers of chad gpd but we wanted it to be done in an authentic way. we set out to make sure that every sentence we wrote at its source clearly put there.

so there is a citation. we wanted to make sure we could take into account real-time information. this is what we lost earlier last week. it has been exceptionally well received because two of the biggest problems chad has is how to make a plan. it is all about our ability to combine a search engine. all with the fluency of a large labor's model. we are at the beginning of how largely was models are going to be integrated into various functions. they can be put to very positive use. obviously, a lot of miss information and bad things also happen. we think of these language models, it is a tool. >> we are so grateful for you joining us from munich, germany. i know you are surrounded by people who understand the

underlying technology but there are so many people out there who do not. i know it is not straightforward. could you try to explain to our audience what largely was models are in layman's terms? how do they work? chrysler was models understand the structure of how we write and speak. you should really think of them as this -- just like a keyboard, the strokes you put on it and pretty sentences, these leg was models can take your input but they are to respond back to with ratings of their own because they have been trained on so much text. these writings by themselves don't always have meaning. it might not know true from false and what is a fact and what is believable and things like that. this technology is very much

developing. but right now, you should think of this the same way you think of any interface like an interpreter that can listen to you in english and translate it into german. they have that kind of skill but they need to be augmented with other things from the real world to be truly useful. those things are going to come up. cries we are talking about this for a reason. because of the new cycle bloomberg reported that microsoft is looking at investing to be $10 billion into open ai and all of this over a series of years. it seems like the commonsense conclusion is they would use the chat to improve being as a search engine, make it more competitive against google. as somebody that operates inserts, what is your read on that piece of news? >> absolutely. >> they are currently number two in the search space, they want to leapfrog over. just like we want to leapfrog over and create a better search experience. it absolutely makes sense that

microsoft would want to do that but we should remember that microsoft is actually a juggernaut in things like work communication, personal communication and these language models are going to be helping anytime to write any mail. anytime we want to consume a document on a webpage. the use cases for these language models are truly massive. microsoft is being very smart by making an early bet on this space. >> you make bets for a living. talk to us about where the money is being made in your business. if you're not going to have ads and if we are trying to individualize what a language format would be in terms of search that gives you a perfect answer and not a lot of links to click on, what is the money going to do here? >> this gets really exciting because we had subscription search. we have a freemium model.

our model is perfectly aligned. i can imagine a scenario where the chat like interface but some of the sentences are sponsored, maybe. i think the one answer format does not really jive all that well with advertising. but there will be other cases. people are going to use these models to create personalized advertising for each and every one of us. you are going to lose -- there are places you are going to win as well. >> really smart analysis of this space. the cofounder and ceo, thank you so much for joining. coming up, what is new in elon musk's world question mark from new potential deals to be the grand favorite of goldman sachs, we will have everything you need to know on tesla and everything you need to know here. this bloomberg. ♪ 92% still active? seems high. seriously?

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>> to the news in the world of elon musk. sources say tesla is close to our preliminary deal to set up a factory in indonesia. a nation with reserves of key battery metals. most reserves could be serving different functions like production across the supply chain. that is according to one source and the plant to produce as many as one million cars a year, in line with tesla's ambitions for all its factories will be to eventually reach that capacity. the deal is not signed. it could still fall through according to sources. meanwhile, tesla remains a telik -- a technology leader in ev's and a topic in the auto industry for goldman sachs with the firm emphasizing the inflation reduction act will have a positive impact on the eeev maker. he maintains tesla at a bye even though it cut its price target for the second time in less than a month last week to $205 per

share. it is down from a target of $400 per share a year ago when the firm also called tesla a top pick and to boot, elon musk is the subject of wednesday's big tech. >> the big take all about money or musk -- he calls himself chief to it. he may never claim the title as world's richest person. this entire take from bloomberg is about the way in which he paid himself basically. and the way he has been taken to task and the court. about the way in which he was compensated and the whole point was he was compensated by options and huge growth in the share price. for many shareholders, they are saying the idea was to lock you in and keep your attention on tesla but his attention is not on tesla. question so much money, lots of options. he borrowed against it.

when tesla stock was buoyant, it is not now. we are saying what about margin calls? will he ever get back to the top spot. i really fascinating read. press the only person who got to the wealthy heights that he did and the only person to have lost what is it? 200 billion? chris meanwhile, there is a bit of money that has gone missing in crypto. billions of it have actually been found in the ftx bankruptcy case. we will have to talk about whether or not this will actually help. from new york, is bloomberg. ♪

>> welcome back to bloomberg technology, i am caroline hyde in new york. >> a special treat this week.

>> one week only. there are more updates at the moment on ftx's bankruptcy case. advisors found some money. about $5 billion worth that may help repay creditors. >> $5 billion is probably not enough for the 9 million accounts that are owed money at the end of the day and the bankruptcy advisors did advise as much. that number, the sheer number of customers they are dealing with here as they go through this bankruptcy process is important because they are of all different sizes. we know they have asked earlier on to keep the names silent of the 50 largest which have much more at stake but once you are spreading the love around, the money back to the clients, it is not as much as you would get back as if you were going to be paid. above and beyond that $5 billion, there are a lot of

other assets they are dealing with. the question is how much is a crypto, how much is the cash and how much of that is still with $5 billion at the end of the day. question surgeon tenfold after meant but listing attracts criticism. a very simple question. what is the controversy around this? >> a simple question without a very simple answer. at the end of the day, what was interesting about it is what made this an empty meant, a lot of it has been closely tied there. they recently raised money here. a lot of it comes back to the purpose itself. you have this idea that the mean crypto craze is back in some ways. what happened at the end of the day was after the listing of the

entities, a question became very straightforward and simple, the question of royalties and where it goes. it is perennially linked here. it does not govern the empty community itself. there are many communities around here to think about the governance of the nft community and its relationship has gotten very confusing after the listing itself has pursued. >> not complex at all. it was the reality. this is largely without utility. the governance and royalties are

not as complicated as they are. >> we will get more in-depth in the world of crypto. the the faa system breaks down. it was related to the corrupted digital file. the reason for this breaded aircraft is a corrupted digital file. very much a tech story. >> let's get back to solana. austin is here to talk about it. thank you for being with us in new york. a straightforward question to start. what is the response to all of this? request the last half of this year has been a tough one for

the global crypto community and for some users here as well. when you're looking at it, you are looking at people having fun with blockchain again. it is a main point i got airdropped to people to thousands and thousands of wallets on the ecosystem and it is something the community kind of galvanized behind and was able to really dig into. >> you see volumes pick up on the back of it. i am interested, it might be feel-good but when something has no utility and everyone at the moment is saying proved to me the use case of crypto, why have these factors been done for a force of good? what is the response when the next thing we are talking about is a meme token? >> means are fun but they are also a proxy for community. one of the utilities of crypto that is often overlooked is that it is a system for galvanizing community. the excitement around this is on one level, yes, it is a meme and

it does not actually specifically do something but it is a token of community. especially after an ecosystem that has been through a rough few months. >> to say the least. let's go there. we thank you for coming on to talk about what is a rough few months. they became very intertwined with the downfall of ftx. sam bankman-fried had been very much a driving force. they held a lot of it. there was worry that your price would fall on the back of forced selling. what is your experience? how do you move past the fallout? >> when you look at the beginning of november, a lot of headlines were doom and gloom. but we have seen since then is about two months out from that initial news and active addresses are a. there is more validated on the network and before ftx collapsed. we see the community and developers all around the world really coming together and replacing the parts of the

ecosystem that had ftx involvement and then expand from there. if you look at active addresses each day, they are higher than all other blockchain's at this point. >> that goes some way into answering my next question. there was the market volatility, the lack of faith in crypto assets. richter currencies and then the debate about the underlying technology. when it comes to the network, i think the idea is security and resistance against censorship. how do you kind of restore faith in the technology part of that story? forget the markets for a second. because the interesting part is the technology actually wasn't part of what happened at all. from a technology standpoint -- >> perception here -- and i'm cracked the fundamentals of the network are the same as they were before. the vision is to be the fastest sediment layer for the global ecosystem. whether that means you are talking about fast finality of

transactions, tens of thousands of transactions per second being able to go through the network, what we are really getting at is a technology platform that can handle loads and other places cannot. >> i have to ask you about san bankman-fried, the relationship or historic relationship between spf and all of this, what are you doing to move past that relationship? what is the relationship in present day? >> sure. in summer of 2020, that is when sam and ftx got involved in the network and they were building real infrastructure on the network there could not be built on any other blockchain network. this was the first deployed on a blockchain. that code has been taken over by the community and relaunched as something called open book. that is kind of what i was talking about about the community healing parts of the ecosystem that ftx and sam were involved in. i think moving past it is on chain metrics. it is that users are still here, developers are still building. there was a lot of excitement

about what is being built around the network. request a blockchain is not finished. it is not a final product. you are still improving and innovating it. talk about your own network stability, outages that have occurred, this happens, just look at the faa today. talk to us about what you're doing to ensure you continue to innovate and then becomes a stronger product more often. place one of the biggest investments is a second validator client. that means if one system goes down, there is a second system that can step in. the client is being built by jump. that is a higher frequency training for them. there are all sorts of additional benefits that come from that such as high-performance. their system had been benchmarked at about one point 2 million transactions per second. i don't think we will see something like that in actual production environments when it gets onto the network but we are talking about a lot of performance optimizations that allowed people to build new kinds of products and services built on blockchain that are just as performance as the web

to counterparts. >> let's talk about products and services. we finally start to use crypto, not just as an asset or a means of exchange but something more with utility. what is the bit you are most excited about? what are the areas being built on this? >> if you look at 2022 in general apart from the prize, the technology is why most of us are here. it was a breakout year for blockchain globally. we saw webb two companies for the first time build real user facing products. they all had some back and experimentation for a while. but from google to amazon to medic to starbucks, they're all launching products built on lock chain this point. the types of products and services are starting to become much easier for people to engage with and there are starting to be things that change the relationship from i have to understand exactly how a blockchain network works to use

this, that is something getting closer to the experience of downloading an app and installing it. because i want to ask you an open question that 2022 is behind us. to your mind, when you sit down with your industry colleagues, what do you think the story of your industry will be in 2023? >> i think it is a story of reinvesting in the fundamentals to create opportunities for builders. you brought up gaming. that is a real thing we are seeing. gaming is a really interesting one. most things in web three to this point have been built permission this and gaming is kind of a bridge. the games are still largely controlled by centralized companies but they might be minting all of their in game characters or items as entities and the in game currency might be a tradable token. i think we will see more of that kind of product that bridges the gap between what people traditionally expect from a web to company and the stuff that has been built on crypto. >> great to have some time with you. thank you, austin.

he is the head of strategy. the rise of women's health care apps just raised $45 million even in this environment. this is bloomberg. ♪

>> the jury is out a little bit on exactly what telemedicine has given us. i think it has absolved a couple of key gaps but a lot of the telemedicine swing has swung back to in person. a lot of patients need in person procedures and care that requires a physical presence and

a physical infrastructure. that being said, especially in the pockets of our ecosystem, including the way in which we run clinical trials, the availability of ritual care and the ability for patients and providers to connect to make decisions takes steps, try new therapies and monitor patient performance on those therapies. >> a good discussion point. the health care platform just announced a $45 million series b funding round led by plenty of others at that. here to discuss is the cofounder, co-ceo. thank you so much for joining us at the moment. talk to us about your vision. you are using 45 million, it will be investing. you were already pretty forceful in your breath. you are coming to the united states. what sort of offerings are you

providing at the moment? >> what we do is we provide support to employees during health stages in their lives that are very disruptive and can be disruptive both at home and at work. you talked about menopause. that is a big thing of what we will be launching in the u.s.. we are launching other services around episodes we have seen in the market. things like becoming apparent and we also launched our men's health service. also, women's health service. we will bring some of that to the u.s. as well. >> what sort of growth are you seeing as we worry about a downturn in the economy? we think about companies putting back on benefits. what do you say to that sort of narrative? >> we have seen as a business --

we are seeing companies taking much more seriously the reasons that keep people out of the workplace. when you look at these factors -- the business speaks to itself, none of these things are niche things. in the u.s., 20% of the u.s. workforce are women. none of these are niche. they are all hiding in plain sight. that makes the business case for itself. >> we think about treatment.

>> will be realized is traditional health care does a phenomenal job at the point which you are walking into a doctor's office, be that virtual or physical. people are wanting to turn back to physical. there is a huge gap. that is a universal gap regardless of what health care system you're in. when you first start to have concerns, questions, there are often weeks, months, sometimes even years before you think that is a concern big enough that it warrants the effort, the time, the inconvenience of going to see your doctor about it. that is the gap that we are feeling. we provide access to expert

support. they are experts in these areas. whether that is menopause, the women's health specialists, midwives, what we can do is for you to communicate with those specialists in the way that suits you best. that could be a video council. you can chat to them, you can join virtual events. you can imagine the barrier to actually accessing help is really low. that is what the tech is enabling. >> how hard is it moving from european health care provision to all of this?

regulus -- the different regulatory landscapes, how was that? >> the regulatory landscape is something we need navigating. important for our clients. they are some of the leading enterprises globally. the need is sort of independent of with a health care system is, recognizing all of that. it is very different to a lot of what we have seen in the ok. pepe is designed to complement and supplement traditional health care. what we are about is helping you in that time when you don't need a doctor yet or nudging you to go and seek that care if you're

hesitant or not sure. also, being there for you if you come out of that medical care. are you surprised you were able to raise this money? is health care in its own niche at the moment? >> i am delighted. especially to have the continued support of some of our investors. we raised this around in a contest when the business was growing incredibly well. the market is more difficult. i think there is much greater

scrutiny of financial performance and so on. underlying the numbers really did speak for themselves. >> stay well. thank you for staying up late. coming up, it turns out many of the place -- best places to work are still tech companies. this is bloomberg. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward.

and helping you plan for future generations. this is "the planning effect" from fidelity.

>> going viral. it is glassdoor's annual list of best places to work. only one of the top 100 and companies.

mentor, apple, zillow not in the top 100 anymore. >> layoffs, changing times. mark zuckerberg under pressure. >> what is interesting with meta is they have not changed their work from home policy. the ceo of glassdoor is calling out that a lot of the winners are the ones that are more flexible in their working approach. it is not that that is heading meta although apple did change its work from home approach. i am wondering if that is affecting. i am wondering what game site it is. >> it is interesting. shouting out my california people. in and out burger in the top 10 places to work.

not a tech company but interesting to see nonetheless. >> i would say in and out burger impossible -- important because of the female ceo. the top ceos on glassdoor, you have to get to number 20 before you get a co deemed as one of the best. that interesting that so many companies are still coming out top. great chat. that does it for this edition of bloomberg technology. you will want to stay tuned for tomorrow. quick check on your podcast, apple, spotify, wherever you got your podcast. this is bloomberg. ♪ get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they could do. getrefunds.com has helped businesses get over a billion dollars

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